No question that its a great announcement. Can't believe anyone...

No question that its a great announcement. Can't believe anyone wastes time with the man in the red suit when they should have been sending their xmas wishlists to Magna all this time ...

Still can't get the numbers to work for the period to end-December (even if CBA loan repayments are reduced to interest only), but no doubt Magna will kick in a further $1-2 million if required.

This will have the effect of enabling CCU to delay the capital raising until next year, with the amount to be determined based on the loan repayment schedule negotiated with CBA.

So .... are we finally at the stage where CCU becomes a pure POS play? Maybe.

In November CCU confirmed that at 200koz / month the cost of production in $19/oz. We need a further $2-3/oz to cover admin, interest repayments and a little capex. So we need POS to be above AU$21 to survive in this mode ..... hmmmm.

It would be too cruel to have survived all the production problems and debt problems to be brought down by the POS.

Line ball. I'm not a buy yet.

GLTA.